| You may think that getting cash out of your car | | | | form of tax write offs, as an incentive for people who |
| donation seems to be an ironic idea but it is possible. | | | | donate an old car to help the needy. You will be |
| Donating your car for charity is truly an act of altruism | | | | allowed to claim as a tax deduction the equivalent of |
| and the non-monetary rewards for you are boundless. | | | | the fair market value of your car up to $500 or the |
| Yet one cannot deny that there are self-serving | | | | equivalent of the gross selling price of your car. You |
| benefits to donating your car to charity. Some of these | | | | may not see the money physically by receiving such |
| benefits may be cash or cash equivalent benefits. | | | | compensation in actual, cold cash but it is a great |
| Donating your car is a practical solution to disposing an | | | | welcome cash savings off the taxes you have to pay, |
| old and unneeded property. Through it, you can | | | | thus a cash equivalent. |
| convert your property into cash, contribute to your | | | | On the extreme, if you are really looking at receiving |
| community, free up your garage space, and save on | | | | real cash out of your cash donation, some companies |
| future maintenance costs. If you are getting the help of | | | | do offer partial cash payment to donors. This payment |
| car donation services companies, this will be done for | | | | comes from the proceeds of the sale and is usually |
| you worry-free, effort-free and cost-free, at times. All | | | | reserved for high value donations, i.e., properties of high |
| of this is translated to savings (of time, effort and | | | | value resulting to high sales proceeds when sold to the |
| expense) which is a cash equivalent. | | | | market. It is used as a form of incentive for you to |
| Another cash or cash equivalent benefit of your car | | | | donate properties of high value. Your charity receives |
| donation is the tax benefit you can get through your | | | | a potentially higher grant and you, as donor, will receive |
| donation. The IRS came up with compensation in the | | | | some cash rewards from it too. |